Suretys™ Policies and Pre-approval Help Credit Unions Attract Younger Car Buyers and Write More Loans

November 1, 2021

NEW HAVEN, Conn.–(BUSINESS WIRE)–#autoloans—Suretys Inc., a digital insurance provider that replaces the need for a cosigner for auto loans and leases, announced today that it is now underwriting its PlusOne policies through credit unions in Texas. In addition, Suretys also announced a mobile optimized digital pre-approval process that enables credit unions to develop first-time car buyer programs tailored to the expectations of new and younger members that have no credit history established. “Consumers like Suretys’ all-digital pre-approval process. It’s easy, quick and conveniently done on their mobile phone, tablet or laptop,” said Ed Bolles, co-founder and COO of Suretys.

Suretys PlusOne policies and Pre-approval by Suretys programs enhance credit unions’ ability to serve and attract first-time buyers who are a good risk but have limited or no credit history. “Before Suretys, first-time buyers were unsure of the amount they could afford and usually had to find a cosigner or pay exorbitant rates to get a loan,” said Josh Minsky, founder and CEO of Suretys. “But not everyone has a family member willing and able to cosign.”

The Pre-approval by Suretys program enables first-time buyers to shop confidently, knowing they can lease or buy a car up to the maximum dollar amount they were pre-approved for. With that number in hand, they can close their best deal on their own, without a cosigner.

Suretys PlusOne policies and Pre-approval by Suretys products are consistent with credit unions’ “member-first” mentality, as it is a true win-win-win offering for dealers, lenders, and consumers. “Suretys makes auto sales possible that might not otherwise happen, reduces the cost of financing for the member, and enables the credit union to write more loans more profitably while protecting the credit union from loan losses in the event of default. It’s a unique product that puts everyone on the same side of the table,” concluded Minsky.

About Suretys

Suretys PlusOne^TM is an innovative insurance product that replaces the need for cosigners for car buyers with limited or no credit history. Suretys developed a proprietary credit risk assessment model that leverages bank data, artificial intelligence, and machine learning to qualify borrowers. PlusOne policies eliminate auto loan risk for lenders similar to private mortgage insurance (PMI). PlusOne is a trademark of Suretys Inc.

Suretys was founded in 2018 with headquarters in New Haven, CT. For more information, visit lenders.suretys.com or www.suretys.com.